Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Blade Air Mobility — Q2 2025 Earnings Presentation
52 slides from Strata Critical Medical's earnings presentation, Aug 5, 2025
Slide 1: Investor Presentation
Investor Presentation August 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This investor presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identifie
Slide 3: Joby Aviation Transaction Overview
Joby Aviation Transaction Overview • Blade Passenger division to be sold to Joby Aviation for up to $125 million(1). • Blade’s Medical division will remain public and re-brand as Strata Critical Medical (“Strata”), becoming a pure-play, contractual medical business operating in rapidly growing marke
Slide 4: Joby Aviation Transaction Perimeter
Joby Aviation Transaction Perimeter Assets to Remain Assets to be Divested Blade Medical Blade Passenger (renamed Strata post-close) All Medical segment revenue and profit All Passenger segment revenue and profit All owned aircraft and vehicles Unallocated corporate expenses, management, and employe
Slide 5: Strata Critical Medical Value Creation Strategy
Strata Critical Medical Value Creation Strategy Strata Critical Medical will be focused on executing a multi-year value creation strategy built on attractive organic growth and a highly focused and disciplined capital allocation strategy supported by an expected $200 million of investable cash, pro
Slide 6: Q2 2025 Earnings Update
Q2 2025 Earnings Update Consolidated Results Three Months Ended June 30, Commentary ($ in thousands) 2025 2024 %Δ vs 2024 $Δ vs 2024 Short Distance Revenue $17,195 $20,908 (18%) ($3,713) Medical Segment Jet / Other Revenue 8,498 8,696 (2%) (199) ➢ Medical revenue increased 18% versus the prior year
Slide 7: Medical Investment Highlights
Medical Investment Highlights
Slide 8: Blade Medical – Investment Highlights
Blade Medical – Investment Highlights Attractive Growth in Organ Transplant Volumes Organ preservation technologies, such as perfusion, and policy reforms are driving growth in the supply of donor organs, though demand for organs continues to far outstrip supply Market Outgrowth Opportunities Medica
Slide 9: Attractive Growth in Organ Transplant Volumes
Attractive Growth in Organ Transplant Volumes Organ preservation technologies and policy reforms have increased industry growth rate • Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool • In recent years, growth in organ transplant volumes
Slide 10: New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs
New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs Multiple new technologies are emerging that allow utilization of organs that would otherwise not be suitable for transplant. Blade is contracted by our customers to provide all logistics regardless of what preservation technol
Slide 11: Organs Are Traveling Longer Distances
Organs Are Traveling Longer Distances Organ allocation policy reforms and new technologies enable organs to travel longer distances to reach recipients resulting in more successful matches with increased flight hours per trip • Blade sells organ transportation by the flight hour, benefiting from bot
Slide 12: New Customer Acquisition Potential
New Customer Acquisition Potential Blade is well positioned to acquire new customers given our coast-to-coast presence and agnostic approach to preservation devices, enabling our customers to benefit from economies of scale across 100% of their flying utilizing a combination of traditional cold stor
Slide 13: Aircraft Ownership Return and Growth Opportunity
Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Strategic Benefits Hawker 800 Platform • Enables Flight Margin expansion in • Aircraft ownership has become an Range regions with contracted customer increasingly important competitive ~2,600 nm density factor • Participat
Slide 14: Medical Ground Transport Growth Opportunity
Medical Ground Transport Growth Opportunity Blade Medical Ground Transport Snapshot The Ground Opportunity 21 ~30 Annualized $200mm Target Flight Ground Total ~$ mm Revenue(1) %+ Margin Addressable Market(3) ~50 10 Vehicles Established in Fleet Vehicle Hubs Ground Hubs 10 Throughout the United State
Slide 15: Growth Opportunity – Organ Placement Services and Addressable Market
Growth Opportunity – Organ Placement Services and Addressable Market Organ placement strengthens our competitive position and expands our addressable market in Medical while enabling our customers to evaluate and, ultimately, accept more organs for transplant Organ Placement Overview Customer Value
Slide 16: Time-Critical Logistics Opportunity
Time-Critical Logistics Opportunity Blade sees an opportunity to expand into other time-critical logistics verticals, a multi-billion dollar opportunity, given aircraft capacity and logistics expertise Strategic Rationale ➢ Increase utilization of existing fleet and drive further improvement in oper
Slide 17: How Blade Creates Value via M&A: Trinity Air Medical Case Study
How Blade Creates Value via M&A: Trinity Air Medical Case Study Since acquiring Trinity, Blade has significantly accelerated growth in the business, enhancing returns for shareholders • Blade acquired Trinity in September 2021 for Trailing Twelve Month Revenue ($mm) $23mm(1) • Trinity’s trailing twe
Slide 18: Balance Sheet Strength and Capital Allocation
Balance Sheet Strength and Capital Allocation Balance Sheet Cash & Short Term Investments Capital Allocation Framework $113 ➢ Strong balance sheet with no debt ➢ Investment in Medical: High return and low risk, opportunistic investments in aircraft and ground vehicles $mm ➢ Focused Medical M&A: Bolt
Slide 19: Medical Overview
Medical Overview
Slide 20: Medical Business Overview
Medical Business Overview Key Business Attributes Medical Segment Trailing Twelve Month Revenues ($ in mm) ➢ End-to-end air and ground transportation services for transplant centers and organ $154 $142 $147 $147 procurement organizations $136 $140 $127 ➢ Contractual relationships with transplant hos
Slide 21: Blade’s Medical Service Offerings
Blade’s Medical Service Offerings Blade primarily transports hearts, livers, and lungs as the very short time these organs remain viable outside of a human body often makes flying the only viable option. Transplants typically follow the process below. ORGAN PLACEMENT LOGISTICS LOGISTICS (TOPS) SERVI
Slide 22: Medical Financial Drivers
Medical Financial Drivers Third-Party & Ground(2) Organ Placement Owned Aircraft(1) Dedicated Aircraft Fee per Block Hours Block Hours Billable Hours Placement Coordinator Revenue Supplemental Usage Revenue per Hour Revenue per Hour Revenue per Hour per Hour Flight Hours Flown • Fuel consumed • Fuel
Slide 23: Appendix
Appendix
Slide 24: Blade Management
Blade Management Rob Wiesenthal Melissa Tomkiel Will Heyburn Founder and Chief Executive Officer President and General Counsel Chief Financial Officer Future Chairman of the Board of Directors Future Co-Chief Executive Officer Future Co-Chief Executive Officer • Founder and Chief Executive Officer o
Slide 25: Blade Board of Directors
Blade Board of Directors Eric Affeldt Edward Philip Susan Lyne Kenneth Lerer Chairman of Board of Directors Chair of Audit Committee Chair of Compensation Committee Member of Board of Directors Future Lead Independent Director • Former Chief Executive Officer of • Chairman of United Airlines • Co-Fo
Slide 26: Blade Historical Disaggregated Revenue By Product Line
Blade Historical Disaggregated Revenue By Product Line BLADE AIR MOBILITY, INC. DIS AGGREGATED REVENUE BY PRODUCT LINE ($ in thousands, unaudited) Three Months Ended June 30, 2025 March 31, December 31, S eptember 30, June 30, 2024 March 31, December 31, S eptember June 30, March 31, December 31, S
Slide 27: Use Of Non-GAAP Information
Use Of Non-GAAP Information To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Blade reports Adjusted EBITDA, Adjusted EDITDA as a percentage of Revenue, Flight Profit, Segment Flight Profit
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Slide 37: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, inter
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Slide 48: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We operate our business as two reportable segments - Passenger and Medical. Segment Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicl
Slide 49: Use Of Non-GAAP Information (Continued)
Use Of Non-GAAP Information (Continued) We have also shown revenue, Short Distance and Passenger revenue excluding the impact of Canada in this release. These amounts reflect total revenue, short distance and passenger revenue, respectively, excluding the activity in Canada in both the current and t
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Slide 51: Impact of Former Operations in Canada on Reported Revenue
Use Of Non-GAAP Information (Continued) IMPACT OF FORMER OPERATIONS IN CANADA ON REPORTED REVENUE (in thousands, unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 % Change 2024 2023 % Change Revenue $ 54,357 $ 47,478 14.5% $ 248,693 $ 225,180 10.4% Canada revenue – (2,942)
Slide 52: Trinity Air Medical, Inc. Historical Quarterly Revenue
Trinity Air Medical, Inc. Historical Quarterly Revenue Note: The figures below reflect Trinity Air Medical, Inc.’s unaudited revenues for the twelve months ended September 30, 2021, which were prepared by Trinity and provided to Blade. TRINITY AIR MEDICAL, INC. HISTORICAL QUARTERLY REVENUE FOR TWELV